In this undated photo, pedestrians walk past a Bank of China branch in Shanghai. (PHOTO PROVIDED TO CHINA DAILY)

BEIJING – Chinese banks recorded steady asset expansion and falling profitability in the first half of the year, data from the country's top banking and insurance regulator showed. 

Local and foreign currency assets of the country's banking and financial institutions totaled 309.4 trillion yuan (about US$44.58 trillion) at the end of June, up 9.7 percent year on year, according to the China Banking and Insurance Regulatory Commission. 

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A breakdown of the asset data showed that large commercial banks accounted for 40.7 percent of the total, while joint-stock commercial banks contributed 18 percent. 

The country's commercial banks reaped combined net profits of 1 trillion yuan in the first half, down 9.4 percent from one year earlier. 

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Their combined non-performing loans (NPLs) hit 2.74 trillion yuan at the end of June, up 124.3 billion yuan from the end of March. The NPL ratio for the sector rose 1.94 percent, up from 1.91 percent at the end of the first quarter.